If you're enrolled in 4 and are on the waitlist for 2, then you potentially have 6. If you drop a waitlist course, then as far as I know there's no penalty.
FALL TERM (SEPTEMBER-DECEMBER) Tuition and fees: payments and refunds
August 7 (Friday) Last day for 100% refund of tuition
August 8 (Saturday) to September 14 (Monday) Penalty of $50 for each class DROPPED (maximum total penalty $100) during this period, if your net class load has decreased
September 15 (Tuesday) to September 21 (Monday) Penalty of $100 for each class DROPPED during this period, if your net class load has decreased
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But I think as toasted says, its only those you are enrolled in, not waitlisted for.
i find that they're pretty inconsistent with charging though, twice they've missed dinging me for dropping courses.